Member Login

Call the Business Hotline 13 26 96

Chamber welcomes loan deferrals for small business

Release Date: 20/03/2020
The Hunter Business Chamber has applauded banks for offering relief to business operators through a six-month deferral of loan payments.
The Australian Banking Association (ABA) announced this morning that it would extend the loan deferral to any SME in need of assistance due to the impacts of coronavirus. The measure will free up to $8 billion in cashflow to businesses at a critical time, when preserving small-business jobs is paramount.
Chamber CEO Bob Hawes said the measure would remove a key financial concern for many small businesses that would help them to keep trading or remain financially viable through the crisis.
“Finance costs are one of the major fixed costs for many businesses so a six-month deferral provides important relief for struggling business owners and operators who are under significant financial and emotional stress,” Mr Hawes said.
“For some it will mean the difference between staying afloat through the crisis or not, whether they are in a position to keep trading or have to temporarily close their doors.
“It will also give some businesses more capacity to retain or provide leave to staff, which we know is a major concern for many business owners and operators at the moment.”
Mr Hawes said the banks had a crucial role to play in supporting government initiatives to keep businesses operating and this action demonstrated a positive response by the sector.
“Helping business and our community through this crisis will be a collaborative effort so it is very positive to see the banks stepping up and playing their part.”
The Australian Competition and Consumer Association provided an interim authorisation for the relief package, which it said applied to all ABA member banks that agreed to participate, including AMP Bank, ANZ, Bank Australia, Bank of Queensland Limited, Bendigo and Adelaide Bank Limited, Commonwealth Bank of Australia, HSBC, Macquarie Bank, National Australia Bank, Suncorp Bank and Westpac.
Mr Hawes encouraged businesses that had finance arrangements with lenders that are not part of the ABA to speak with their lender about their circumstances.

Leave message Subscribe

 Security code
Terms and Conditions  |   Privacy  |  Contact  |  Site map